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What is IBAN number?

IBAN stands for International Bank Account Number, is helpful in processing automatic cross border transactions by identifying international bank accounts. It reduces risk of error in transaction and even makes it fast, safe and cheap. At present, Banks in America do not use IBAN number for US accounts. It comprise of maximum of 27 alphanumeric characters within Europe and 34 characters outside Europe. Its present on your paper Bank statement.

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